Chapter 6
Foreign Currency Translation
Discussion Questions Solutions
1.Foreign currency translation is the process of restating a foreign account balance from one
currency to another. Foreign currency conversion is the process of physically exchanging one
currency for another.
2.In the foreign exchange spot market, currencies bought and sold must be delivered immediately,
normally within 2 business days. Thus a Singaporean tourist buying U.S. dollars at the airport
before boarding a plane for New York would hand over Singapore dollars and immediately
receive the equivalent amount in U.S. dollars. The forward market handles agreements to
exchange a fixed amount of one currency for another on an agreed date in the future. For
example, a French manufacturer exporting goods invoiced in euros to a Japanese importer on 60- day credit terms would buy a forward contract to sell yen for euros 2 months in the future.
Transactions in the swap market involve the simultaneous purchase (or sale) of one currency in the spot market and the sale (or purchase) of the same currency in the forward market. Thus, a Canadian investor wishing to take advantage of higher interest rates on 6-month Treasury bills in the United States would buy U.S. dollars with Canadian dollars in the spot market and invest in the United States. To guard against a fall in the value of the U.S. dollar before maturity (when the U.S. dollar proceeds are converted back to Canadian dollars), the Canadian investor would simultaneously enter into a forward contract to sell U.S. dollars for Canadian dollars 6 months in the future at today s forward exchange rate.
3.The question refers to alternative exchange rates that are used to translate foreign financial
statements. The current rate is the exchange rate at the financial statement date. It is
sometimes called the year-end or closing rate. The historical rate is the exchange rate at the time of the underlying transaction. The average rate is the average of various exchange rates during a fiscal period. Since the average rate normally is used to translate income statement items, it is
often weighted to reflect any seasonal changes in the volume of transactions during the period.
Translation gains and losses do not occur if exchange rates do not change. However, if exchange rates change, the use of current and average rates causes translation gains and losses.
These do not occur when the historical rate is used because the same (constant) rate is used each period.
4. In this example, the Mexican Affiliate s Canadian dollar loan is denominated in Canadian dollars.
However, because the Mexican affiliate’s functional currency is U.S. dollars, the peso equivalent of the Canadian dollar borrowing would be remeasured in U.S. dollars prior to consolidation. If the Mexican affiliate’s functional currency were the peso, the Canadian dollar loan would be
remeasured in pesos before being translated to U.S. dollars.
5. A transaction gain or loss occurs when a foreign currency transaction, e.g., a foreign currency
borrowing, is settled at a different exchange rate than that which prevailed when the transaction was originally incurred. In this case there is an exchange of one currency for another. A
translation gain or loss, on the other hand, is simply the result of a restatement process. There is
no physical exchange of currencies involved.
6. It is not possible to combine, add, or subtract accounting measurements expressed in different
currencies; thus, it is necessary to translate those accounts that are measured or denominated in a foreign currency into a single reporting currency. Foreign currency translation can involve
restatement or remeasurement. In restatement, the local (functional) currency is kept as the unit of measure; that is, the translation process multiplies the financial results and relationships in the local currency accounts by a constant, the current rate. In contrast, remeasurement translates
local currency results as if the underlying transactions had taken place in the reporting
(functional) currency of the parent company; for example, it changes the unit of measure of a
foreign subsidiary from its local (foreign) currency to the U.S. dollar.
7. Major advantages and limitations of each of the major translation methods follow.
Current Rate Method
Advantages:
a. Retains the initial relationships in the foreign currency statements.
b. Simple to apply.
Limitations:
a. Violates the basic purpose of consolidation, which is to present the results of a parent and its subsidiaries as if they were a single entity.
b. Inconsistent with historical cost.
c. Presumes that all local assets and liabilities are subject to exchange risk.
d. While stockholders equity adjustments shield an MNC s bottom line from translation gains and losses, such adjustments could distort certain financial ratios and be confusing.
Current-noncurrent Method
Advantages:
a. Distortions in translated gross margins are reduced as inventories and translated at the current rate.
b. Reported earnings are shielded from the distorting effects of currency fluctuations as excess translation gains are deferred and used to offset future translation losses.
Limitations:
a. Uses balance sheet classification as basis for translation.
b. Assumes all current assets are exposed to exchange risk regardless of their form.
c. Assumes long-term debt is sheltered from exchange rate risk.
Monetary-nonmonetary Method
Advantages:
a. Reflects changes in domestic currency equivalent of long-term debt on a timely basis. Limitations:
a. Assumes that only monetary assets and liabilities are subject to exchange rate risk.
b. Exchange rate changes distort profit margins as sales transacted at current prices are matched against cost of sales measured at historical prices.
c. Uses balance sheet classification as basis for translation.
d. Nonmonetary items stated at current market values are translated at historical rates.
Temporal Method
Advantages:
a. Theoretically valid: compatible with any accounting measurement method.
b. Has the effect of translating foreign subsidiaries operations as if they were originally transacted in the home currency, which is desirable for foreign operations that are extensions of the parent’s activities. Limitation:
a. A company increases its earnings volatility by recognizing translation gains and losses currently.
In arguing for one translation method over another, your students should eventually realize that, in the present state of the art, there is probably no one translation method that is appropriate for all circumstances in which translations occur and for all purposes that
translation serves. It is probably more fruitful to have students identify circumstances in which they think one translation method is more appropriate than another.
8.The current rate method is appropriate when the foreign entity being consolidated is largely
independent of the parent company. Conditions which would justify this methodology is when the foreign affiliate tends to generate and expend cash flows in the local currency, sells a product locally so that its selling price is largely insulated from exchange rate changes, incurs expenses locally, finances its self locally and does not have very many transactions with the parent
company. In contrast, the temporal method seems appropriate in those instances when the
foreign affiliate’s operations are integrally related to the parent company. Conditions which
would justify use of the temporal method are when the foreign affiliate transacts business in the parent currency and remits such cash flows to the parent company, sells a product largely in the parent country and whose selling price is sensitive to exchange rate changes, sources its factor
inputs from the parent company, receives most of its financing from the parent and has a large
two way flow of transactions with it.
9.The history of foreign currency translation in the United States suggests that the development of
accounting principles does not depend on theoretical considerations so much as on political, institutional, and economic influences that affect accounting standard setting. It may be more
realistic to recognize that theoretically sound solutions are impossible as long as policy
prescriptions are evaluated on practical grounds. Without specific choice criteria derived from investor decision models, it is fruitless to argue the conceptual merits of competing accounting treatments. It is far more productive to admit that foreign currency translation choices are simply arbitrary.
Readers of consolidated financial statements should know that the foreign currency translation method used is one of several alternatives, and this should be disclosed. This approach is more open and reduces the chance that readers will draw misleading inferences.
10.Foreign inflation, in particular, the differential rate of inflation between the country in which a
subsidiary is located and the country of its parent determines foreign exchange rates. These
rates, in turn, are used to translate foreign currency balances to parent currency.
11.In the United Kingdom, financial statements of affiliates domiciled in hyperinflationary
environments must first be adjusted to current price levels and then translated using the current rate; in the United States, the temporal method would be employed. The second part of this
question is designed to get students from abroad to find out what companies in their home
countries are doing and thereby be in a position to share their new found knowledge with their
classmates. They need simply get on the internet and read the footnotes of a major multinational company in their home country.
12.Under FAS No. 52, the parent currency is designated as the functional currency for an affiliate,
whose operations are considered to be an integral part of the parent company’s operations.
Accordingly, anything that affects consolidated earnings, including foreign currency translation gains and losses, is relevant to parent company shareholders and is included in reported earnings.
In contrast, when a foreign affiliate s operations are independent of the parent s, the local
currency is designated as its functional currency. Since the focus is on the affiliate s local
performance, translation gains and losses that arise solely from consolidation are irrelevant and, therefore, are not included in consolidated income.
Exercises Solutions
1.￥250,000,000 X .008557 = $2,139,250.
￥250,000,000 ÷ ￥116.86 = $2, 139,312
The difference is due to rounding.
2.Since ￡1 = US$1.9590 and €1 = US$1.3256, ￡1 = US$1.9590/US$1.3256 = €1.4778.
Alternatively, €1 = US$1.3256/US$1.9590 = ￡.6767.
3.Single Transaction Perspective:
4/1 Purchases (￥32,500,000/￥116.91) $277,992
Cash $27,800
A/P(￥32,500,000 - ￥3,250,000)/￥116.91 250,192
(Credit purchase)
7/1 Purchases[(￥29,250,000/￥116.91) – (￥29,250,000/￥115.47) 3,120
A/P 3,120
(To record increase in purchases due to yen appreciation)
7/1 Interest expense(￥29,250,000 X .08 X 3/12)/￥115.47 5,066
A/P(￥29,250,000/￥115.47) 253,312
Cash 258,378
(To record settlement)
Two Transactions Pers pective:
4/1 Purchases $277,992
Cash $27,800
A/P 250,192
7/1 Transaction loss 3,120
A/P 3,120
7/1 Interest expense 5,066
A/P 253,312
Cash 258,378
4. a. MXN 1,750,000/MXN10.3 = C$169,903.
b. The Canadian dollar equivalent of the Mexican inventory account would not change if the functional currency
was the Canadian dollar as the temporal method translates inventory, a nonmonetary asset, at the exchange rate that preserves its original measurement basis. Since inventory is being carried at its net realizable value, it would be translated at the current rate. Had inventory been carried at historical cosuld have been translated at the historical rate or MXN3,750,000/MXN9.3 = C$403,226.
5. Baht is the functional currency:
B 2,500,000/20 years = B 125,000
B 125,000/B37 = 3,378
B 5,000,000/20 years = B 250,000
B 250,000/B37 = 6,757
U.S. dollar is the functional currency:
B 2,500,000/20 years = B 125,000
B 125,000/B40 = 3,125
B 5,000,000/20 years = B 250,000
B 250,000/B38 = 6,579
Total depreciation $ 9,704
6. If the euro is the German subsidiary’s functional currency, its accounts would be t ranslated into Australian dollars
using the current rate method. In this case the translation gain of AUD4,545,455 would appear in consolidated equity.
Thus the only item affecting current income would be the transaction loss(loss on an unsettled transac tion) of
AUD1,514,515 on the euro borrowing.
If the Australian dollar is deemed to be the functional currency, then the transaction loss and
translation gain would both appear in reported earnings as follows:
AUD(1,514,515) transaction loss
AUD4,545,455 translation gain
AUD3,030,940 net foreign exchange gain
7.
U.S. Dollar U.S. Dollar U.S. Dollar
Before CNY After CNY After CNY
Appreciation Appreciation Depreciation
CNY Balance Sheet ($.12=CNY1) ($.15 = C NY1) ($0.09 = CNY1)
Assets Amount Current Monetary Current Monetary
Noncurrent Nonmonetary Noncurrent Nonmonetary
Cash NT5,000 $600 $ 750 $ 750 $ 450 $ 450
Accts. R eceivable 14,000 1,680 2,100 2,100 1,260 1,260
Inventories
(cost=24,000) 22,000 2,640 3,300 2,640 1,980 2,640
Fixed assets, net 39,000 4,680 4,680 4,680 4,680 4,680
Total CNY 80,000 $9,600 $10,830 $10,170 $8,370 $9,030
Liabilities & Owners Equity
Accts. Payable CNY21,000 $2,520 $ 3,150 $ 3,150 $1,890 $1,890
Long-term debt 27,000 3,240 3,240 4,050 3,240 2,430
Stockholders equity 32,000 3,840 4,440 2,970 3,240 4,710
Total CNY 80,000 $9,600 $10,830 $10,170 $8,370 $9,030
Accou nting exposure CNY20,000 (29,000) 20,000 (29,000)
Translation gain (loss) US$ 600 (870) (600) 870
8.
U.S. Dollar U.S. Dollar U.S. Dollar
Before CNY After CNY After CNY
Appreciation Appreciation Depreciation
CNY Balance Sheet ($.12=CNY1) ($.15 = C NY1) ($.09 = C NY1)
Assets Amou nt Temporal Current Temporal Current
Cash CNY5,000 $ 600 $ 750 $ 750 $ 450 $ 450
Accts. R eceivable 14,000 1,680 2,100 2,100 1,260 1,260
Inventories
(cost=24,000) 22,000 2,640 3,300 3,300 1,980 1,980
Fixed assets, net 39,000 3,600 3,600 5,850 3,600 3,510
Total CNY 80,000 $8,520 $9,750 $12,000 $11,700 $7,200
Liabilities & Owners Equity
Accts. Payable CNY21,000 $2,520 $3,150 $3,150 $1,890 $1,890
Long-term debt 27,000 3,240 4,050 4,050 2,430 2,430
Stockholders equity 32,000 2,760 2,550 4,800 7,380 2,880
Total NT$ 80,000 $8,520 $9,750 $12,000 $11,700 $7,200
Accou nting exposure NT$ (7,000) 32,000 (7,000) 32,000
Translation gain (loss) US$ (210) 960 210 (960)
c. Students will quickly discover that each translation method has its advantages and disadvantages. After some discussion, the question of translation objectives will arise. Currency translation objectives are based on how foreign operations are viewe
d. If foreign operations are considered extensions of the parent, a case can be made for a historical rate method: current-noncurrent, monetary-nonmonetary, or temporal. If foreign operations are viewed from a local company perspective, a case can be made for the current rate method. Given the complexity of multinational business activities, one could argue that a single translation method will not serve all purposes for which translations are don
e. As long as the objectives of foreign currency translation differ among specific reporting entities, a practical solution is to insist on full disclosure of the translation procedures used so that users have a basis for reconciling any differences that exist.
9.
Company A (Country A)
(Reporting Currency = Apeso)
Beginning of Year End of Year
Assets: Exchange Rate Translated Exchange Rate Translated
Apeso 100 Apeso 100 Apeso 100
Bol 100 Apeso 1 = Bol 1.25 Apeso 80 Apeso 1 = Bol 2 Apeso 50
Apeso 180 Apeso 150
Translation loss = A$ 30
Company B (Country B)
(Reporting Currency = Bol)
Beginning of Year End of Year
Assets: Exchange Rate Translated Exchange Rate Translated
Apeso 100 Apeso 1 = Bol 1.25 Bol 125 Apeso 1 = Bol 2 Bol 200
Bol 100 Bol 100 Bol 100
Bol 225 Bol 300
Translation gain = Bol 75
b. This exercise demonstrates the effect of the reporting currency on foreign currency translation results when the current rate method is used. Both companies are in seemingly identical situations, yet one reports a translation loss while the other reports a translation gain. One company reports shrinking assets while the other reports increasing assets. Nothing has actually happened but an exchange rate change. Also, despite a stronger Apeso, Company A reports a loss. Conversely, the Bol weakened, yet Company B reports a gain. It appears that a strengthening currency is not always good news, nor is a weakening currency always bad news.
If the intention is to repatriate the funds invested in the foreign country (Country B from Company A’s perspective, Country A from Company B’s perspective), the scenario makes sense. After all, Company
A will be repatriating fewer Apesos than originally invested and Company
B will be repatriating more
B ol’s than originally invested. Fluctuating exchange rates have changed each company s command over a foreign currency. Assuming the company intends to repatriate the currency, it makes sense to include the respective gain or loss in income for the current year. On the other hand it can be argued that the gain or loss should be excluded from income if the company intends to keep the foreign assets invested permanently.
.
10.
Translation Rate
Local Currency is Dollar is
Functional Currency Functional Currency
Cash Current Current
Marketable securities (cost)Current Historical a
Accounts receivable Current Current
Inventory (market) Current Current
Equipment Current Historical
Accumulated depreciation Current Historical
Prepaid expenses Current Historical
Goodwill Current Historical
Accounts payable Current Current
Due to parent (denominated in dollars) Current Current
Bonds payable Current Current
Income taxes payable Current Current
Deferred income taxes Current Current
Common stock Historical Historical
Premium on common stock Historical Historical
Retained Earnings Balancing Residual Balancing Residual
Sales Average Average
Purchases Average Average
Cost of Sales Average Historical
General and administrative expenses Average Average
Selling expenses Average Historical
Depreciation Average Historical
Amortization of goodwill Average Historical
Income tax expense Average Average
Inter-company interest expense Average Average
__________________________________________________________________________________________________________________________
a Fixed income securities intended to be held to maturity.
11. a. Before riyal depreciation:
Cash SAR 60,000,000 ÷ SA R3.75 = $ 16,000,000
Inventory 120,000,000 ÷ SA R3.75 = 32,000,000
Fixed Assets 750,000,000 ÷ SA R3.75 = 200,000,000
Total $248,000,000
After riyal depreciation:
Cash SAR 60,000,000 ÷ SA R4.125 = $ 14,545,455
Inventory 120,000,000 ÷ SA R3.75 = 32,000,000
Fixed Assets 750,000,000 ÷ SA R3.75 = 200,000,000
Total $246,545,455
Translation loss $(1,454,455)
b.The translation loss has no effect on MSC’s cash flows as it is the result of a restatement process.
c.
equity. However, in addition inventory and fixed assets would be translated at the current rate, as opposed to the
historical rate, and the resulting translation loss would also be taken to consolidated equity. This would result in a different earnings number as well as asset measures.
Before riyal depreciation:
Cash SAR 60,000,000 ÷ SA R3.75 = $ 16,000,000
Inventory 120,000,000 ÷ SA R3.75 = 32,000,000
Fixed Assets 750,000,000 ÷ SA R3.75 = 200,000,000
Total $248,000,000
After riyal depreciation:
Cash SAR 60,000,000 ÷ SA R4.125 = $ 14,545,455
Inventory 120,000,000 ÷ SA R4.125 = 29,090,909
Fixed Assets 750,000,000 ÷ SA R4.125 = 181,818,182
Total $225,454,546
Translation adjustnment reflected in equity$(22,545,454)
Students could also be probed and asked how the adjusted numbers would impact certain ratios such as ROA or ROE, Debt to Equity, and asset turnover.
12. a. The currency effects in the first and third paragraphs have an impact on Alcan’s cash flows. IN the first
paragraph, echange rate changes affect Alcan’s future revenues and costs and directly affect cash receipts and
payments. The third paragraph involves settling foreign currency transactions at a different echange rate than when the transaction were entered into.
b.Alcan appears to be employing the monetary-nonmonetary method.
c. Many analysts back out translation gains and losses from reported earnings as these are largely non-cash items
that simply result from a restatement process. This would especially be the case if Alcan were being compared to a company employing the current rate method. Disregarding translation gains and losses would have the following effect on reported earnings:
20X5 20X4 20X3
With translation G/L $129m $258m $64m
Translation G/L (86) (153) (326)
Without Translation G/L $215m $411m $390m
The impact on the pattern of earnings would change significantly. The year to year changes in earnings both before and after abstracting from currency translation effects are:
20X5/20X3 20X5/20X4 20X4/20X3
With translation G/L 102% -50% 303%
Without Translation G/L 45% -48% 5%
Case 6-1 Regents Corporation
The nature of Regents’s operation is such that choice of an appropriate functional currency is ultimately a judgement call. Students can argue for either currency and should be evaluated on the strength of their analysis. A major lesson of this case is that the functional currency choice is important since the currency designation dictates which translation method, (current or temporal) is ultimately used. The financial statement effects can be very different. Thus it is important for a reader of financial statements to understand how the differing measurement options affect the balance sheet and income statement and be prepared to adjust from one framework to the other, even if only crudely.
TEMPORAL METHOD
(U.S. DOLLAR IS THE FUNCTIONAL CURRENCY)
Balance Sheet Accounts, 12/31/X7 Foreign Currency Exchange Rate Dollar Equivalent
Cash ￡ 1,060 1.80 $ 1,908
Accounts receivable 2,890 1.90 5,491
Inventory 3,040 1.78 5,411
Fixed assets 4,400 1.70 7,480 Accumulated depreciation (420) 1.70 (714)
Patent ----- -----
Total ￡10,970 $19,576 Accounts payable ￡ 1,610 1.80 $ 2,898
Due to parent 1,800 1.80 3,240
Long-term debt 4,500 1.80 8,100 Deferred taxes 80 1.80 144 Common stock 1,500 1.70 2,550 Retained earnings 1,480 residual 2,644
￡10,970 $19,576 Income Statement, 12/31/X8 Foreign Currency Exchange Rate Dollar Equivalent Sales ￡ 16,700 1.86 $ 31,062
Cost of sales a (11,300) (20,706) General and administrative (1,600) 1.86 (2,976) Depreciation (280) 1.70 (476)
(20) 1.82 (36) Interest (480) 1.86 (893) Transaction gain 125 1.86 233 Aggregate translation adjustment b (368) Taxes:
Current (670) 1.86 (1,246)
Deferred (40) 1.86 (74)
Net income ￡ 2,435 $ 4,520 Retained earnings, 12/31X7 1,480 2,644 Dividends (300) 1.86 (558) Retained earnings, 12/31X8 ￡ 3,615 $ 6,606
a Beginning inventory ￡ 3,040 1.78 $ 5,411 Purchases 11,690 1.86 21,743
Ending inventory 3,430 1.88 6,448 Cost of Sales 11,300 $20,706
b Aggregate translation adjustment:
1. Monetary assets, 12/31/X7 ￡ 3,950
Monetary liabilities, 12/31/X7 7,990
(￡ 4,040) x (1.90 - 1.80) = ($404) 2. Change in negative exposure:
12/31/X7 (￡ 4,040)
12/31/X8 (2,565 )
￡ 1,475
Composition of decrease:
Sources of monetary items:
Net income ￡2,435
Depreciation 300 ￡2,735
Uses of monetary items:
Inventory increase ￡(390)
Addition to fixed assets (500)
Purchase of patent (70)
Dividends (300 ) (1,260 )
￡1,475
￡2,345 x (1.90 - 1.86) = $94
300 x (1.90 – 1.86) = 12 $109
4. Uses of monetary items x difference in year-end rate and rate used to translate those items =
￡(390) x (1.90 – 1.86) = $(15)
(300) x (1.90 - 1.86) = (12)
(500) x (1.90 - 1.82) = (40)
(70) x (1.90 - 1.82) = (6 ) (73)
Aggregate translation adjustment = ($404)
109
(73 )
($368)
Balance Sheet, 12/31/X8 Foreign Currency Exchange Rate Dollar Equivalent
Cash ￡ 1,150 1.90 $2,185 Accounts receivable 3,100 1.90 5,890 Inventory 3,430 1.88 6,448
Fixed assets a 4,900 8,390 Accumulated depreciation b (720) (1,226)
Patent 70 1.82 127
Total ￡11,930 $21,814 Accounts payable ￡ 1,385 1.90 $ 2,632
Due to parent 1,310 1.90 2,489
Long-term debt 4,000 1.90 7,600 Deferred taxes 120 1.90 228 Common stock 1,500 1.70 2,550 Retained earnings 3,615 6,309
Total ￡11,930 $21,814
a Original assets ￡ 4,400 1.70 $ 7,480
New assets 500 1.82 910
$ 8,390
b Original assets ￡ 700 1.70
New assets 20 1.82 36
$ 1,226
CURRENT RATE METHOD
(LOCAL CURRENCY IS THE FUNCTIONAL CURRENCY)
Balance Sheet Accounts, 12/31/X7 Foreign Currency Exchange Rate Dollar Equivalent Cash ￡ 1,060 1.80 $ 1,908 Accounts receivable 2,890 1.80 5,202 Inventory 3,040 1.80 5,472
Fixed assets 4,400 1.80 7,920 Accumulated depreciation (420) 1.80 (756)
Patent --- ---
Total ￡10,970 $19,746
Accounts payable ￡ 1,610 1.80 $ 2,898
Due to parent 1,800 1.80 3,240
Long-term debt 4,500 1.80 8,100
Deferred taxes 80 1.80 144
Common stock 1,500 1.70 2,550
Retained earnings 1,480 2,355
Cumulative translation adjustment --- 459(given)
Total ￡ 10,970 $19,746
Income Statement, 12/31/X8 Foreign Currency Exchange Rate Dollar Equivalent Sales ￡16,700 1.86 $31,062
Cost of sales (11,300) 1.86 (21,018)
General and administrative (1,600) 1.86 (2,976) Depreciation (300) 1.86 (558)
Interest (480) 1.86 (893) Transaction gain 125 1.86 232
Taxes:
Current (670) 1.86 (1,246)
Deferred (40) 1.86 (74)
Net income ￡ 2,435 $ 4,529
Retained earnings, 12/31X7 1,480 2,355
Dividends (300) 1.86 (558)
Retained earnings, 12/31X8 ￡ 3,615 $ 6,326
Balance Sheet, 12/31/X8 Foreign Currency Exchange Rate Dollar Equivalent
Cash ￡ 1,150 1.90 $ 2,185
Accounts receivable 3,100 1.90 5,890
Inventory 3,430 1.90 6,517
Fixed assets 4,900 1.90 9,310
Accumulated depreciation (720) 1.90 (1,368)
Patent 70 1.90 133
Total ￡ 11,930 $22,667
Accounts payable ￡ 1,385 1.90 $ 2,632
Due to parent 1,310 1.90 2,489
Long-term debt 4,000 1.90 7,600
Deferred taxes 120 1.90 228
Common stock 1,500 1.70 2,550
Retained earnings 3,615 6,326
Cumulative translation adj. ----- 842a
Total ￡11,930 $22,667
a Cumulative translation adjustment:
1. Net exposed assets, 12/31/X7, x change in current rate = ￡
2.980 x (1.90 - 1.80) = $298
2. Change in net assets x difference between year-end and average rate = ￡2.135 x (1.90 - 1.86) = 85
3. Cumulative translation adjustment 12/31/X7 459
4. Cumulative translation adjustment, 12/31/X8 $842
Selected policy issues raised by the Regents Corporation case:
1. Are the FASB s criteria for selecting a functional currency designation adequate? Are there criteria that are more definitive than those identified in this chapter?
2. W ill statement readers understand the nature of the aggregate exchange adjustment appearing in the consolidated income statement under the temporal method of translation that includes both transaction and translation gains and losses?
3. W ill statement readers understand the nature of the cumulative translation adjustment appearing in consolidated equity under the current rate method?
4. While the current rate method preserves the financial relationships that exist in the local currency statements, does applying a current exchange rate to a historical cost measure (e.g., local currency fixed assets) result in a reporting curre ncy equivalent that can be interpreted?
Case 6-2 Managing Offshore Investments: Whose Currency?2
This case is likely to generate a lot of discussion in class as one can argue it either way. Most arguments in favor of one currency designation over the other will probably repeat points already made in the case. After much discussion, students should begin to realize that one way out of the dilemma is to define the purpose of currency translation. Some will argue that the purpose is to provide meaningful information to investors; others will argue that information for management decisions should take precedence. In the end, students should realize that there are different strokes for different folks. A translation method based on a functional currency designation that is suitable for investors (U.S. investors probably are interested in the dollar value of the fund’s Spanish transactions) need not be the same as that for internal performance evaluation purposes, although ideally they should be the same. One also needs to consider that the effects of the translation phenomenon that are largely beyond managerial control are likely to encourage dysfunctional behavior; such as engaging in costly hedging procedures to overcome what appear to be primarily paper gains and losses. No case analysis is likely to have one correct solution. The real world setting of the case should make for an interesting discussion. Have fun with this one!
一、讨论题 7.1对比本章引述的金融工具的3个定义，说明各自的特点。 经济学家和金融界所举的定义都把金融工具界定为金融领域运用的单证：史密斯的定义把金融工具表述 为“对其他经济单位的债权凭证和所有权凭证”，而《银行与金融百科全书》的定义中列举了金融领域运 用的各种单证。 FASB和IASC所下的定义基础是一致的，都把金融工具界定为现金、合同权利或义务及权益工具。IASC 的定义较清晰，在指明金融工具是“形成个企业的金融资产并形成另一企业的金融负债或权益工具的合同” 后，又分别就金融资产、金融负债和权益工具下了定义。 7.2对比本章引述的衍生金融工具的4个定义，说叫各自的特点。 OECD的定义指叫衍生金融工具是“一份双边合约或支付交换协议”，ISDA定义中的表述是“有关互换现金流量和旨存为交易名转移风险的双边合同”。后名的表述更清晰。 两个定义都着币指明衍生金融工具价值的“衍生性”，并指明可作为衍生价值的基础的标的。两者都列 举了各种不同的标的。 FASB和IASC所下的定义基本上是致的，更便于作为衍生金融工具交易的会计处理所依据的概念。讨论 时可参照教本中归纳的6项最基本的特征展开（本章教学要点（二）第3点中的(2)也有简括的表述）。7.3区分金融资产和负债与非金融资产和负债项日是否等同于区分货币性资产和负债与非货币性资产和负 债项日？请予以说明。 不等同。形成收取或支付现金或另金融资产的合同权利或义务，是金融资产和负债的最摹本的特征， 以此（合同权利或义务）区别于非金融资产和负债（参阅教术7 2 1），而货币性资产和负债与非货币性 资产和负债的区分则是根据这些项目对通货膨胀影响或汇率变动的不同反应而作出的。二者是完全不相下 的两种分类法。 更为币要的是，不要把“货币性金融资产和负债”与“货币性资产和负债”这两个概念相混淆。前名 是指“将按固定或可确定的金额收取或支付的金融资产和金融负债”，只是金融资产和金融负债的特定类 别。 7.4衍生金融工具品目繁多，但其基本形式不外乎：(1)远期合同；(2)期货合同：（3)期权合同：(4)互换（掉期）合同。这是根据什么标准区分的？互换合同（掉期合同）为什么不是独立的形式昵？ 根据的标准是： (l)远期合同和期货合同在到期时，不论对主动签约方有利还是不利，主动签约方必须履约。 (2)期权合同在到期时，主动签约方（持权人、买方）有选择权有利时履约，不利时可以不履约，合同发 行方（立权人）则有义务在持权人要求履约时出售或购入合同约定的该项资产。 互换（掉期）台同实际上是两份远期合同的调换，因而不是独市的形式。 7.5说明远期合同与期权合同的共性和特性。 共性是都涉及购买或售出标的物的双边远期合约：其特性见讨论题7 4的解题指引。 7.6为什么衍生金融工具交易长期作为表外业务处理？这会带来什么样的严重后果？ 因为长期以来都认为金融工具代表的合同权利和义务小符合资产和负债的定义，而符合定义是确认的前提 条件，所以不符合要素定义，其关键在于这些权利和义务不是由于过去的事项形成的。 带来的严重后果是由于衍生金融工具交易形成的收益和损失（报酬和风险）长期游离于表外，使表内信息 足以误导投资人和报表的其他使用者。 7.7衍生金融丁具代表的权利、义务是否符合资产、负债定义？ IASC和FASB存开发金融工具会计准则时，部论证了衍生金融工具代表的权利、义务符合资产、负债定 史。可参考教本小7.4l和7 4 2小的论述展开讨论（本章教学要点（四）也有简括的表述）。 7.8如果认为衍生金融工具代表的权利、义务符合资产、负债的定义，那要解决什么问题，才能在资产负 债表内列报衍生金融工具呢? IASC的见解如何？ 要解决符合确认标准的问题。IASC在制定IAS 39的过程中的见解是有过改变的，从ED 48把第l项确认
（ 14）31 日支付所得税 借：应交税费——应交所得税 贷：银行存款 120 000 （15）31 日计提坏账准备 借：资产减值损失 107 000 贷：坏账准备 107 000 6. 根据所给资料进行相关业务的处理 （1） 20X 9年11月1日收到票据时： 借：应收票据 117 000 贷：主营业务收入 100 000 应交税费—应交增值税（销项税额） 17 000 （ 2） 20X 9 年 12 月 31 日年度终了，计算该票据所产生利息时： 票据应计利息=117 000 X 12%X 2- 12=2 340 （元） 借：应收票据 2 340 贷：财务费用 2 340 经过以上的计算，在年末时公司的应收票据的账面价值为 119 340 元 117 000+2 340）。 （ 3） 20X 0 年 2 月 1 日票据到期收回款项时： 收款金额=117 000 X （ 1+12%X 3- 12） =120 510 （元） 20 X 0年应计票据利息=117 000 X 12%X 1十12=1 170 （元） 应交税费——应交增值税（销项税额） 1 020 000 ② 借：坏账准备 520 000 借：银行存款 120 510 贷：应收票据 119 340 财务费用 1 170 7. 编制的会计分录如 下： （1）①借：应收账款- — B 企业 7 020 000 贷：主营业务收入 120 000 6 000 000
贷：应收账款520 000 ③借:银行存款 4 000 000 贷：应收账款——B企业 4 000 000 ④借：应收账款300 000 贷：坏账准备300 000 借：银行存款300 000 贷：应收账款300 000 ⑤借：应收账款 2 340 000 贷：主营业务收入 2 000 000 应交税费——应交增值税（销项税额）340 000 （2）本企业本期应计提的坏账准备： 期末应收账款余额为：1000+702-52-400+234=1 484 （万元）“坏账准备”账户余额为：50-52+30=28（万元） 本期应计提坏账准备：1484X 5%=74.2 （万元） 再补提坏账准备金额为：74.2-28=46.2 （万元） 会计分录为： 借：资产减值损失462 000 贷：坏账准备462 000 8. （1）借：应收票据一一M公司432 900 贷：主营业务收入370 000 应交税费——应交增值税（销项税额）62 900 （2）借：应收账款——K公司234 000 贷：主营业务收入200 000 应交税费——应交增值税（销项税额）34 000 （3）借: 应收票据——T 公司351 000 贷：主营业务收入300 000 应交税费——应交增值税（销项税额）51 000
Chapter 11 Lecture Notes Chapter theme: Managers in large organizations have to Array delegate some decisions to those who are at lower levels in the organization. This chapter explains how responsibility accounting systems, return on investment (ROI), residual income, operating performance measures, and the balanced scorecard are used to help control decentralized organizations. I.Decentralization in organizations A. A decentralized organization does not confine decision-making authority to a few top executives; rather, decision-making authority is spread throughout the organization. The advantages and disadvantages of decentralization are as follows: i.Advantages of decentralization 1.It enables top management to concentrate on strategy, higher-level decision making, and coordinating activities. 2.It acknowledges that lower-level managers have more detailed information about local conditions that enable them to make better operational decisions. 3.It enables lower-level managers to quickly respond to customers. 4.It provides lower-level managers with the decision-making experience they will need when promoted to higher level positions.
1.国际会计是如何定义的？ 国际会计是会计的一个分支，它主要研究企业从事国际间的经营活动所涉及的会计问题，同时通过会计模式的分类和比较研究，协调各国会计准则和惯例，以期建立统一的世界会计报告体系 2.会计国际化的原因是什么？ 第一，国际贸易迅速发展的需要 第二，资本输出迅速发展的需要 第三，跨国公司经营和发展的需要 第四，促进本国经济发展、会计发展的需要 第五，会计具有国际化的本性 3. 影响会计模式的环境因素有哪些？ 经济、政治、社会、法律、地理、文化。前几项统称为社会经济环境因素，最后一项是文化因素。社会经济环境因素具体有法律制度、企业资金来源、税制、政治和经济联系、通货膨胀、经济发展水平、教育水平、地理条件等。文化因素包括个人主义、权力距离、不确定性规避、阳刚之气。 4. 缪勒教授对会计模式是如何分类的？ 1)按宏观经济要求发展会计 在这种发展模式中，会计与国民经济政策密切相关，公司的目标要服从国民经济政策。为了提高经济和企业经营的稳定性，一般都鼓励企业将各年利润平滑化，折旧率的调整要适应刺激经济增长的需要，并且为了鼓励投资而允许建立特种储备，为了宏观经济的需要而重视增值表、社会责任会计和税务会计。瑞典是这种模式的例子。 (2)以微观经济学为基础发展会计 会计被视为是企业经济学的分支，强调经济活动的中心是私人和企业。会计在其计量和计价过程中要反映经济现实，这意味着会计规则既要成熟又要有灵活性。基本的会计概念是要保持公司资本的真实价值，因此重置成本会计得到重视。荷兰是这种模式的例子。 (3)作为独立学科发展会计 将会计视为能够自我发展、自成体系的独立学科，因而会计形成了独立的自我发展模式。会计不从属于政府的政策和任何经济理论，而是通过成功企业的实务逐渐形成了自己的概念结构，并且在会计实务中经常使用“公认会计原则”的表述。美国是这种模式的例子。
《国际会计》复习题 一、填空题（1分×10=10分） 1.资本市场发达的国家，公司财务报告的目标主要在于保护（）的利益。 ）。 ）。 C、权益结合法 D、主体理论 2. 下列这些国家中，归属为米勒创建的微观经济模式的国家是（）。 A、瑞典 B、荷兰 C、英国 D、法国 3.目前在美国，制定会计准则的机构是（）。
A、美国证券交易委员会（SEC） B、财务会计准则委员会（FASB） C、会计程序委员会（CAP） D、会计原则委员会（APB） 4.下列这些国家中，财务会计与税务会计相分离的是（）。 A、法国 B、德国 C、瑞典 D、美国 5. A 公司拥有B公司70%的股份，拥有C 公司35%的股份；B公司拥有C 税种，在税收源头代扣代缴的税种为（）。 A、公司所得税 B、周转税 C、扣缴税 D、过境税 10、会计职业界提供国际性服务的最高层次是（）。 A、建立在“联盟”基础上的会计师事务所
B、一体化的国际性会计师事务所 C、国内性质的会计师事务所为从事国际业务而进行的协作 D、国内性质的会计师事务所 三、多项选择题（2分×5=10分） 1、英国的增值表将增值额分配给（）。 A、雇员 B、政府 C、出资者 D、企业 B、将该子公司的输入商品的转移价格压低 C、压低该子公司输出商品的转移价格 D、抬高该子公司输出商品的转移价格 5、国际会计协调化的含义可以理解为（）。 A、协调化是一个过程
B、协调化是限制和缩小会计差异的过程 C、协调化是形成一套可接受的标准（准则）和惯例的过程 D、协调化是能产生共同合作结果的有序结构的过程 E、协调化是促进各国会计实务和财务信息的可比性的过程 四、简答题（8分×5=40分） 1、什么是国际双重征税？
Chapter 8 Global Accounting and Auditing Standards Discussion Questions 1.A rgument for measurement: ?Discrepancies in international measurement may produce accounting amounts that are vastly different (even where financial transactions and position are identical), leading to incorrect comparisons. Here it doesn’t matter what is disclosed; no reliable comparisons are possible anyway. Arguments for disclosure: ?If companies do not disclose complete information, they can hide losses or future problems from financial statement users. For example, losses can be hidden by offsetting them against gains. Expected future problems related to loss contingencies can be hidden simply by not disclosing them. Thus, if disclosure is incomplete, even the application of similar measurement principles will lead to incorrect comparisons. Clearly, international accounting convergence requires that both measurement and disclosure be made comparable. 2. The term convergence is associated with the International Accounting Standards Board. Before the IASB, harmonization was the commonly used term. Harmonization means that standards are compatible; they do not contain conflicts. Harmonization was generally taken to mean the elimination of differences in existing accounting standards, in other words, finding a common ground among existing standards. Convergence means the gradual elimination of differences in national and international accounting standards. Thus, the terms harmonization and convergence are closely aligned. However, convergence might also involve coming up with a new accounting treatment not in any current standards. 3.a. Reciprocity, or mutual recognition, exists when regulators outside of the home country accept a foreign firm’s financial statements based on the home country’s principles, or perhaps IFRS. For example, the London Stock Exchange accepts U.S. GAAP-based financial statements in filings made by non-U.K. foreign companies. Reciprocity does not increase cross-country comparability of financial statements, and it can create an unlevel playing field in that foreign companies may be allowed to apply standards that are less rigorous than those used by domestic companies. b. With reconciliation, foreign firms can prepare financial statements using the accounting standards of their home country or IFRS, but also must provide a reconciliation between accounting measures (such as net income and shareholders’ equity) of the home country and the country where the financial statements are being filed. Reconciliations are less costly than preparing a full set of financial statements under a different set of accounting principles, but provide only a summary, not the full picture of the enterprise. c. International standards are a result of either international or political agreement, or voluntary (or professionally encouraged) compliance. When accounting standards are applied through political, legal, or regulatory procedures, statutory rules typically govern the process. All other international standards efforts in accounting are voluntary in nature.
第一章概论 自测题 一、单项选择题 1. B 2. B 3. A 4. C 5. D 6. A 7. D 8. D 9. C 10. C11. C12. C13. B14. B15. D16. A17. C 18. ACD19. A20. A21.A 二、多项选择题 1. ABC 2. ABCD 3. ABCDE 4. ABD 5. AD 6. ABCD 7. ACD 8. ABC 9. ABC10. AC11. BC12. ABCD 13. AC14. ABC15. ABD16. BC17. ABC18. ABCE 19. ABC20. ABCE21.AD 22.AB 三、判断题 1.√ 2.× 3.× 4.× 5. × 6.√ 7.√ 8.× 9. √10. √11. √12. ×13.√ 业务处理题 一、资料：大安公司有关资料如下表所示： 要求：根据资料，确定资产、负债和所有者权益项目，并在上表的相应空栏 处划“√”。 序号项目资产负债所有者权益 1开户银行的存款√ 2股东甲投入的资本√ 3库存的原材料√ 4职工预借的差旅费√ 5尚未完工的产品√ 6签发并承兑的商业汇票√ 7企业提取的盈余公积金√ 8 6 个月的银行借款√ 9预收某单位的购货款√ 10应付供货单位的货款√ 11企业办公大楼√ 12应缴纳的各种税款√
13专利权√ 14生产用机器设备√ 15尚未收回的货款√ 16应付未付职工的工资√ 17 2 年期的银行借款√ 18尚未完工的产品√ 19完工入库的产品√ 20尚未分配的利润√ 二、资料：大安公司201×年 12 月 31 资产、负债、所有者权益内容如下： 资产负债表简表单位：万元 资产年初数年末数负债及所有者权益年初数年末数货币资金220315应付账款160F 应收账款A86应付职工薪酬4052预付账款55B应交税费1540存货360410长期负债280280长期股权投资180180实收资本 1 000 1 000固定资产600660未分配利润E195总计 1 565C总计D 1 790（1） C=1790万元 D=1565 万元 A=150 万元 B=139万元E=70万元F=223万元 （2）流动资产总额 950 万元 （3）流动负债总额315 万元 （4）净资产总额 1195 万元 三、说明下列经济业务对会计要素的影响 序号经济业务经济业务对会计要素的影响 1从银行提取现金备用资产 +资产 - （库存现金 +）（银行存款 - ） 2以银行存款购入原材料资产 +资产 - （原材料 +）（银行存款 - ） 3从银行借入 6 个月借款存入银行资产 +负债 + （银行存款 +）（短期借款 +）4收回某单位前欠货款存入银行资产 +资产 -
Chapter 12 Lecture Notes Chapter theme: Making decisions is one of the basic functions of a manager. To be successful in decision making, managers must be able to perform differential analysis, which focuses on identifying the costs and benefits that differ between alternatives. The purpose of this chapter is to develop these skills by illustrating their use in a wide range of decision-making situations. Learning Objective 1: Identify relevant and irrelevant costs and benefits in a decision. I. Decision making: six key concepts A. Key concept #1 i. Every decision involves choosing from among at least two alternatives. Therefore, the first step in decision-making is to define the alternatives being considered . B. Key concept #2 i. Once you have defined the alternatives, you need to identify the criteria for choosing among them. 1. Relevant costs and relevant benefits should be considered when making decisions. 2. Irrelevant costs and irrelevant benefits should be ignored when making decisions.
一、讨论题 对比本章引述的金融工具的个定义，说明各自的特点。 经济学家和金融界所举的定义都把金融工具界定为金融领域运用的单证：史密斯的定义把金融工具表述为“对其他经济单位的债权凭证和所有权凭证”，而《银行与金融百科全书》的定义中列举了金融领域运用的各种单证。 和所下的定义基础是一致的，都把金融工具界定为现金、合同权利或义务及权益工具。的定义较清晰，在指明金融工具是“形成个企业的金融资产并形成另一企业的金融负债或权益工具的合同”后，又分别就金融资产、金融负债和权益工具下了定义。 对比本章引述的衍生金融工具的个定义，说叫各自的特点。 的定义指叫衍生金融工具是“一份双边合约或支付交换协议”，定义中的表述是“有关互换现金流量和旨存为交易名转移风险的双边合同”。后名的表述更清晰。 两个定义都着币指明衍生金融工具价值的“衍生性”，并指明可作为衍生价值的基础的标的。两者都列举了各种不同的标的。 和所下的定义基本上是致的，更便于作为衍生金融工具交易的会计处理所依据的概念。讨论时可参照教本中归纳的项最基本的特征展开（本章教学要点（二）第点中的()也有简括的表述）。 区分金融资产和负债与非金融资产和负债项日是否等同于区分货币性资产和负债与非货币性资产和负债项日？请予以说明。 不等同。形成收取或支付现金或另金融资产的合同权利或义务，是金融资产和负债的最摹本的特征，以此（合同权利或义务）区别于非金融资产和负债（参阅教术），而货币性资产和负债与非货币性资产和负债的区分则是根据这些项目对通货膨胀影响或汇率变动的不同反应而作出的。二者是完全不相下的两种分类法。 更为币要的是，不要把“货币性金融资产和负债”与“货币性资产和负债”这两个概念相混淆。前名是指“将按固定或可确定的金额收取或支付的金融资产和金融负债”，只是金融资产和金融负债的特定类别。 衍生金融工具品目繁多，但其基本形式不外乎：()远期合同；()期货合同：（)期权合同：()互换（掉期）合同。这是根据什么标准区分的？互换合同（掉期合同）为什么不是独立的形式昵？ 根据的标准是： ()远期合同和期货合同在到期时，不论对主动签约方有利还是不利，主动签约方必须履约。 ()期权合同在到期时，主动签约方（持权人、买方）有选择权有利时履约，不利时可以不履约，合同发行方（立权人）则有义务在持权人要求履约时出售或购入合同约定的该项资产。 互换（掉期）台同实际上是两份远期合同的调换，因而不是独市的形式。 说明远期合同与期权合同的共性和特性。 共性是都涉及购买或售出标的物的双边远期合约：其特性见讨论题的解题指引。 为什么衍生金融工具交易长期作为表外业务处理？这会带来什么样的严重后果？ 因为长期以来都认为金融工具代表的合同权利和义务小符合资产和负债的定义，而符合定义是确认的前提条件，所以不符合要素定义，其关键在于这些权利和义务不是由于过去的事项形成的。 带来的严重后果是由于衍生金融工具交易形成的收益和损失（报酬和风险）长期游离于表外，使表内信息足以误导投资人和报表的其他使用者。 衍生金融丁具代表的权利、义务是否符合资产、负债定义？ 和存开发金融工具会计准则时，部论证了衍生金融工具代表的权利、义务符合资产、负债定史。可参考教本小和小的论述展开讨论（本章教学要点（四）也有简括的表述）。 如果认为衍生金融工具代表的权利、义务符合资产、负债的定义，那要解决什么问题，才能在资产负债表内列报衍生金融工具呢? 的见解如何？ 要解决符合确认标准的问题。在制定的过程中的见解是有过改变的，从把第项确认标准凸显为“风险与
第九章财务成果业务核算P194-196 【习题9-1】不定项选择题 1.C 2.C 3.ACD 4.ABD 5.D 6.B 7.ACD 8.AD 9.A10.ABCD11.C 12.C13.BCD14.AC15.ABCD 【习题9-2】练习利润的计算和利润形成业务核算 1、计算利润 （1）ABC公司2×17年营业利润=（900 000+63 000）-（450 000+21 000）-48 000-32 000-54 000-6 000+37 000=389000（元） （2）ABC公司2×17年利润总额=389000+20000-9000=400000（元） （3）ABC公司2×17年净利润=400 000-400 000×25%=300 000（元） 2、会计分录 （1）借：主营业务收入900 000 其他业务收入63 000 投资收益37 000 营业外收入20 000 贷：本年利润1 020 000 （2）借：本年利润620 000 贷：主营业务成本450 000 营业税xx附加48 000 其他业务成本21 000 销售费用32 000
管理费用54 000 财务费用6 000 营业外支出9 000 （3）借：所得税费用100 000 贷：应交税费-应交所得税100 000 （4）借：本年利润100 000 贷：所得税费用100 000 【习题9-3】练习利润分配业务核算 1、结转“本年利润”账户 借：本年利润300 000 贷：利润分配-未分配利润300 000 2、利润分配会计分录 （1）借：利润分配-提取法定盈余公积（300000×10%）30 000 贷：盈余公积-法定盈余公积30 000 （2）借：利润分配-提取任意盈余公积（300000×5%）15 000 贷：盈余公积-任意盈余公积15 000 （3）借：利润分配-应付股利﹛〔100 000+（300 000-30 000-15 000）〕×40%﹜142 000贷：应付股利142 0003、结转“利润分配”各明细账户 借：利润分配-未分配利润187 000 贷：利润分配-提取法定盈余公积30 000 -提取任意盈余公积15 000
国际会计随堂练习答案 1.二战后，美国公司大量在欧洲建厂进行直接投资，这一阶段被称为美国浪潮，它出现在（C）。 A、19世界初~第一次世界大战 B、1914年~1945年 C、1945年~20世纪60年代末 D、 20世纪60年代末~至今 2.研究跨国公司发展史，可以总结为“源于（ B ），壮大于（）”。 A、英国，美国 B、欧洲，美国 C、美国，英国 D、美国，欧洲 3.欧盟在（B ）就以观察员的身份加入了国际会计准则委员会（IASC）理事会。 A、1978年 B、1989年 C、1999年 D、1998年 4.国际会计准则委员会于（ A ）进行改组，为确保国际会计准则的高质量提供了组织和人员上的保证。 A、2001年 B、1999年 C、2000年 D、 1998年 5.（ A ）是全球会计面临的一个首要问题。 A、外币报表折算问题 B、物价变动会计问题 C、合并报表问题 D、国际比较会计问题 6.一国资本市场导向能够影响该国财务报告体系，在权益导向的资本市场上，企业为了筹集资金常常竭尽所能包装本企业的财务报表以吸引现有的和潜在的投资者，典型的国家是（ B ）。 A、法国 B、美国 C、日本 D、德国 7.一国资本市场导向能够影响该国财务报告体系，在债务导向的资本市场上，银行为企业主要的资金来源，典型的国家是（ C ）。 A、芬兰 B、美国 C、日本 D、瑞典 8.跨国公司兴起导致的独特的会计问题是（ B ）。 A、国际物价变动影响的调整 B、国际财务报表的合并 C、外币报表的折算 D、国际税务会计 9.信息披露体系主要包括初次披露和年终披露。（×） 10.跨国公司的发展经历了四个阶段，在第二个阶段时（1914奶奶~1045年），美国就一跃成为仅次于英国的第二大资本输出国。（√） 11.当跨国公司发展经历到第三阶段时（1945年~20世纪60年代末），欧洲和日本经济的腾飞，结束了美国公司一枝独秀的局面。（×） 12.跨国公司发展遇到的特殊会计问题主要是会计环境的国际比较问题、会计职业的国际比较问题以及会计准则的国际比较问题。（×） 13.跨国公司在取得国外分支机构的财务报表后，首先面临如何将国外分支机构财务报表纳入合并报表的问题。（√） 14.欧盟在1990年就以观察员的身份加入了国际会计准则委员会（IASC）理
Chapter 5 Reporting and Disclosure Discussion Questions 1. Accounting measurement is the process of assigning numerical symbols to events or objects. Disclosure, on the other hand, is the communication of accounting measurements to intended users. Advances in financial disclosure are likely to outpace those related to accounting measurement for a number of reasons. First, many would argue that financial disclosure is a less controversial area than accounting measurement. Second, changes in disclosure requirements are more rapidly implemented than changes in accounting measurement rules. Finally, whereas a single set of accounting measurement rules may not serve users equally well under different social, economic and legal systems, a company can disclose without necessarily sacrificing its accounting measurement system. 2.Four reasons why multinational corporations are increasingly being held accountable to constituencies other than traditional investor groups: a.The development and growth of the influence of trade unions. b.The growing recognition of the view that those who are significantly affected by decisions made by institutions in general must be given the opportunity to influence those decisions. c.The rejection by many governments of classical economic premises such as the belief that the regulated pursuit of private gain maximizes society’s welfare. d.The increasing concern over the social and economic impact of multinational corporations in host countries. 3.Arguments in favor of equal disclosure include: a.The absence of equal disclosure would create an unfair playing field for U.S. companies. Non-U.S. companies would have a competitive advantage in that they would not have to disclose the same information and so would not incur the costs involved in generating and publishing it. b.Investors in non-U.S. companies have the same information needs as those who invest in U.S. companies. A market concerned with investor protection would make sure that investors have timely and material information on all listed companies, not just those domiciled in the United States. c.Unequal disclosure might impede cross-company comparisons involving U.S. and non- U.S. companies. Possible reasons against equal disclosure include: a.The high cost of meeting equal disclosure requirements may deter foreign issuers from listing in the United States.
第一章 思考题 １、会计的发展与经济环境的关系是怎样的？能否结合我国当前经济发展的阶段性特点，讨论我国会计体系建设的目标？ 答：略，请见教材。 ２、在企业为外部各信息使用者提供的信息与为内部管理层提供的信息之间，最主要的区别是什么？ 答：企业为外部信息使用者提供的信息是为了外部人士了解企业经营状况和财务成果。这些信息必须符合会计法规的要求，保证会计信息的质量；企业为内部信息使用者提供的信息是为了满足企业内部管理的需要，在形式上更为灵活，并不受会计法规的约束。 ３、投资者最为关注的信息是什么？债权人最为关注的信息是什么？ 答：因此投资者关注投资对象获取利润的潜力和持续性。债权人最关注的都是贷款本息的安全性。 ４、审计报告在财务会计报告中起什么作用？ 答：审计报告是由注册会计师根据中国注册会计师审计准则的规定，在实施审计工作的基础上对被审计单位发表审计意见的书面文件。注册会计师签发的审计报告，是以超然独立的第三者身份，对被审计单位财务报表合法性、公允性发表意见。这种意见，具有鉴证作用。的股东主要依据注册会计师的审计报告来判断被投资企业的财务报表是否公允地反映了财务状况和经营成果，以进行投资决策等。 ５、目前上市公司年报中主要包括哪些会计报表？ 答：利润表、资产负债表、现金流量表、股东权益变动表 ６、请简述四个基本会计假设的含义。 答：略，请见教材内容。 ７、请简述会计原则的名称及其含义。 答：略，请见教材内容。 ８、为什么总资产等于负债与所有者权益之和？ 答：资产负债表的左、右两方分别代表了同一事物的两个侧面。左方的资产反映了企业的资金是以什么形式占用着的；右方的负债和所有者权益则反映了这些资金是从什么渠道取得的：向债权人借入的表现为负债，向投资人筹措的表现为所有者权益。因此，资产负债表的左方合计一定等于右方合计。 ９、资产和费用的区别是什么？ 答：资产是指企业过去的交易或者事项形成的、由企业拥有或者控制的、预期会给企业带来经济利益的资源。费用是指企业在日常活动中发生的、会导致所有者权益减少的、与向所有者分配利润无关的经济利益的总流出。 第二章 一、思考题
第二章会计核算基础知识 练习题 习题一 习题二 1.编制会计分录 1）借：银行存款90000 贷：短期借款90000 2）借：应付账款30000 贷：银行存款30000 3）借：其他应收款1000 贷：现金1000 4）借：应交税费28000 贷：银行存款28000 5）借：现金3000 贷：银行存款3000 6）借：银行存款100000 固定资产500000 贷：实收资本600000 2．T型账户略 3. 资产负债表 项目金额会计科目资产负债所有者权益 1．生产车间的厂房190 000 固定资产190 000 2．库存产成品350 000 存货350 000 3．材料仓库220 000 固定资产220 000 4．出纳员保险柜的现金2 000 现金2 000 5．运货汽车两辆60 000 固定资产60 000 6．存在银行的存款248 000 银行存款248 000 7．尚未收回的销货款80 000 应收账款80 000 8．尚未支付的购货款64 000 应付账款64 000 9．投资者投入的资本金1 000 000 股本1 000 000 10．库存原材料40 000 原材料40 000 11．尚未交纳的税金8 000 应交税费8 000 12．向银行借入的短期借款100 000 短期借款100 000 13．职工出差借支的差旅费6 000 其他应收款6 000 14．提取的盈余公积金24 000 盈余公积24 000 合计1196 000 172 000 1024 000 资产月初数月末数负债月初数月末数 现金3000 5000 短期借款82000 172000 银行存款18600 147600 应付账款53600 23600 应收账款32000 32000 应交税费28000 0 其他应收款4000 5000 负债合计163600 原材料116000 116000 所有者权益 固定资产450000 950000 实收资本460000 1060000